Foreclosure painful option

Tuesday, August 3, 2010

What is a short sale?

When a home owner needs to sell a house right away or owes more than the house is worth, the home owner usually turns to a short sale. Although it was not a common solution before, short sales have now been widely accepted among banks and lenders due to market changes.

Who can qualify for a short sale? If you...

  1. are unable to afford your mortgage;
  2. are earning less than you need monthly; and
  3. do not have enough liquid assets to pay your mortgage
then you can qualify for a short sale.

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